Are life estates Devisable?
Following this principle, life estates are alienable inter vivos during the life of the life tenant, but obviously not devisable or descendible: they cease to exist upon the death of their owner, so the life tenant’s estate has nothing to convey.
Who is the owner of a life estate?
Each of the people in a life estate has an ownership interest in a piece of real estate — typically your primary home — but over different time periods. The person who holds the life estate is called the life tenant. So that’s you if you’re the homeowner. As the life tenant, you own the property during your lifetime.
What happens to the property of a life estate?
Principles. If A has died, ownership will revert to A’s heirs. The right to succeed to ownership of the property upon the expiration of the life estate is called a remainder. The remainder interest may be granted to a third party (A to B for life, with a remainder interest in C), or it may remain with the grantor.
Who are the remaindermen of a life estate?
The remainderman (or remaindermen) is the person (or people) with the right to take possession of the property after the death of the life tenant. Remaindermen have a “future interest.” During the life of the life tenant, the remaindermen do not have a right to use the property.
Who is the measuring life in a life estate?
The measuring life is the person whose death ends the life estate. Usually, the duration of the life estate is tied to the life of the life tenant. However, there are circumstances where the duration of the life estate can be tied to another measuring life. Sometimes you will hear the legal term, “rule against perpetuities,” in this context.
How does a life estate work and how does it work?
How Do Life Estates Work? Basically, a life estate is a binding legal arrangement in which the owner of a property (the grantor) gives the property to another person but retains the right to live in and use that property for the rest of his or her life. The life tenant retains most of the benefits of home ownership, such as:
Who is the owner of the life estate?
His wife’s ownership interest in the property vested at the time of his death. Unexpectedly, two months after John Jr.’s death, his wife committed suicide. She was survived by a daughter from a previous marriage. Upon the wife’s death, her daughter’s ownership interest in the 1/3 interest in the property vested.
Who are the beneficiaries of a life estate?
Life Estates. A life estate allows lifetime use of a home before it passes to the final beneficiaries. A “life estate” occurs when a person has a legal right to use property during life, but does not own the property outright. That person is called the “life tenant.”.
Who are the remaindermen in a life estate?
A “life estate” occurs when a person has a legal right to use property during life, but does not own the property outright. That person is called the “life tenant.” After the death of the life tenant, the property passes to the named beneficiaries, called “remaindermen.”